Lord Abbett & CO. LLC Sells 10,330 Shares of Portland General Electric (NYSE:POR)

Lord Abbett & CO. LLC decreased its stake in shares of Portland General Electric (NYSE:POR - Free Report) by 1.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,052,333 shares of the utilities provider's stock after selling 10,330 shares during the quarter. Lord Abbett & CO. LLC owned about 1.00% of Portland General Electric worth $45,903,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Arizona State Retirement System raised its position in shares of Portland General Electric by 0.8% in the 4th quarter. Arizona State Retirement System now owns 29,912 shares of the utilities provider's stock worth $1,305,000 after purchasing an additional 245 shares during the last quarter. OneDigital Investment Advisors LLC lifted its stake in shares of Portland General Electric by 4.2% in the fourth quarter. OneDigital Investment Advisors LLC now owns 7,282 shares of the utilities provider's stock worth $318,000 after buying an additional 291 shares in the last quarter. Texas Yale Capital Corp. lifted its stake in shares of Portland General Electric by 2.6% in the fourth quarter. Texas Yale Capital Corp. now owns 11,920 shares of the utilities provider's stock worth $520,000 after buying an additional 300 shares in the last quarter. Choreo LLC grew its holdings in shares of Portland General Electric by 1.4% during the fourth quarter. Choreo LLC now owns 26,511 shares of the utilities provider's stock valued at $1,166,000 after buying an additional 371 shares during the last quarter. Finally, Versant Capital Management Inc increased its position in shares of Portland General Electric by 151.0% during the fourth quarter. Versant Capital Management Inc now owns 748 shares of the utilities provider's stock valued at $33,000 after acquiring an additional 450 shares in the last quarter.

Insider Activity at Portland General Electric

In related news, CFO Joseph R. Trpik, Jr. sold 1,375 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $41.32, for a total transaction of $56,815.00. Following the completion of the transaction, the chief financial officer now directly owns 31,960 shares of the company's stock, valued at approximately $1,320,587.20. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Benjamin Felton sold 1,845 shares of Portland General Electric stock in a transaction that occurred on Thursday, April 17th. The stock was sold at an average price of $43.02, for a total value of $79,371.90. Following the completion of the sale, the executive vice president now directly owns 32,646 shares in the company, valued at approximately $1,404,430.92. The trade was a 5.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,795 shares of company stock valued at $159,946. Corporate insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on the company. Barclays increased their target price on Portland General Electric from $47.00 to $48.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 22nd. Jefferies Financial Group reduced their price objective on Portland General Electric from $47.00 to $42.00 and set a "hold" rating for the company in a report on Tuesday, January 28th. StockNews.com raised Portland General Electric from a "sell" rating to a "hold" rating in a research report on Friday, April 25th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $44.00 price target (down previously from $50.00) on shares of Portland General Electric in a report on Thursday, April 10th. Finally, LADENBURG THALM/SH SH cut shares of Portland General Electric from a "buy" rating to a "neutral" rating and set a $42.00 price objective for the company. in a report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $45.40.

Portland General Electric Stock Performance

NYSE POR traded up $0.43 on Wednesday, reaching $42.13. 1,041,336 shares of the stock were exchanged, compared to its average volume of 1,034,286. The firm has a market capitalization of $4.61 billion, a PE ratio of 14.00, a PEG ratio of 1.11 and a beta of 0.49. Portland General Electric has a one year low of $40.05 and a one year high of $49.85. The company's 50-day simple moving average is $43.51 and its two-hundred day simple moving average is $44.27. The company has a current ratio of 0.92, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22.

Portland General Electric (NYSE:POR - Get Free Report) last released its quarterly earnings data on Friday, April 25th. The utilities provider reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $0.93 by ($0.02). Portland General Electric had a return on equity of 9.10% and a net margin of 9.13%. The business had revenue of $928.00 million during the quarter, compared to the consensus estimate of $977.02 million. During the same period last year, the company earned $1.21 EPS. The business's revenue was down .1% on a year-over-year basis. Analysts expect that Portland General Electric will post 3.21 EPS for the current fiscal year.

Portland General Electric Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Tuesday, June 24th will be given a dividend of $0.525 per share. This is a positive change from Portland General Electric's previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Tuesday, June 24th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 4.98%. Portland General Electric's dividend payout ratio is currently 69.77%.

Portland General Electric Company Profile

Portland General Electric Company, an integrated electric utility company, engages in the generation, wholesale purchase, transmission, distribution, and retail sale of electricity in the state of Oregon. It operates six thermal plants, three wind farms, and seven hydroelectric facilities. As of December 31, 2023, the company owned an electric transmission system consisting of 1,254 circuit miles, including 287 circuit miles of 500 kilovolt line, 413 circuit miles of 230 kilovolt line, and 554 miles of 115 kilovolt line; and served 934 thousand retail customers in 51 cities.